Having an 1899 business structure insures failure.
Even if the business staggers on, because of a lack of competition or that money is being earned from other sources; i.e. renting offices or shops, the reality is that this structure should have been abandoned in 1899.
One must appoint Managers who have all the power necessary to manage. That includes creating and changing policy, firing and hiring, and being backed up by the Board in public.
When the Manager can not fire a worker, and the workers know it, he is humiliated. Hence, he ceases to attempt any form of Management.
The workers, aware that they have no real boss, do what they please.
This is obviously not going to profit the company.